屈臣氏或将IPO，估值有望突破2100亿元

Core Viewpoint - CK Hutchison Holdings is planning a dual listing for its subsidiary, Watsons Group, in Hong Kong and the UK in the first half of 2026, aiming to raise approximately $2 billion (around HKD 15.5 billion) and potentially achieving a valuation exceeding $30 billion (approximately RMB 212.39 billion) [2] Group 1: Company Overview - Watsons Group, founded in 1841 in Hong Kong, is a leading international health and beauty retail group and has been a core retail business of CK Hutchison since its acquisition in 1981 [2] - The company has expanded aggressively in the Chinese market and has acquired several well-known international beauty brands [2] - Watsons Group operates over 17,000 stores across 31 markets, serving more than 6 billion customers annually through both offline and online platforms [2] Group 2: Financial Performance - For the first half of 2025, Watsons contributed total retail revenue of HKD 98.84 billion, a year-on-year increase of 8%, with EBITDA reaching HKD 7.974 billion, up 12% [3] - The total number of global stores reached 16,935, and the loyalty membership exceeded 175 million, with exclusive product sales accounting for 36% of total sales [3] - However, the business in China faced challenges, with total revenue declining by 3% and a net reduction of 145 stores, alongside a 1.0% decrease in same-store sales [3]